Qalibaf: American measures are unable to curb oil prices after Brent exceeded $105

(CNN) - The Speaker of the Iranian Parliament, Mohammad Bagher Qalibaf, said that the measures taken by the US Treasury Department are no longer able to curb oil prices, after the price of Brent crude exceeded $105 per barrel in Thursday’s trading.

The semi-official Iranian Tasnim News Agency quoted Qalibaf as saying in a post on his account on the “X” platform, formerly Twitter, which he attached to a chart: “If you are looking for evidence to anticipate the future of the oil market, and the economic officials in the American government are not saying anything, let us take a look at the future: The Treasury will exhaust its arsenal of ineffective tools to control oil prices, such as spreading lies through Axios, interfering in the market, releasing reserves, etc., but it will not be able to reduce Prices.

He added: "Look at this chart, but pretend you don't know what the next step is."

The chart published by Ghalibaf, according to Tasnim, showed that attempts by US Treasury Secretary Scott Besent to curb energy prices by intervening in the market and massively releasing oil from strategic reserves did not succeed in limiting the rise in prices.

Qalibaf stressed that “market traders must realize that Besant’s measures will not have an impact in the future in curbing oil prices.”

He said: “The energy market has become indifferent to Besant’s statements, and they have no choice but to recognize the rights of the Iranian people. The American government’s continuation of its approach based on bullying, not recognizing the rights of the Iranian people, and not fulfilling its obligations will only lead to one result, which is the depletion of strategic oil reserve wells and the rise in oil prices, and nothing more.”

Qalibaf concluded by saying: “Fasten your belts and prepare for higher prices if the American government does not correct its approach!”, according to Tasnim Agency.

Oil prices witnessed a sharp rise on Thursday, with Brent crude touching the level of $108 per barrel for the first time since May, as traders anticipate a supply shock that may be prolonged as a result of the war with Iran.

Oil prices returned to exceed $100 per barrel this week, with the escalation of fighting in the Strait of Hormuz and the Red Sea, as the United States and Iran exchanged strikes, while the Houthi group, supported by Iran, launched attacks on the Kingdom of Saudi Arabia and inflamed tensions in the Bab al-Mandab Strait.